Reference no: EM132886193

Law on Business Organizations and Labor

Assignment - Partnership

1. Joj and Joi entered an agreement to form LLL partnership. Joi refused to comply with the agreement, for this reason Joj brought an action to compel the execution of partnership. May Joi be compelled against her will to carry out the agreement?

2. Marikit and Maganda are co-owners of 26 hectares of land. They agreed to use the said properties and the income derived therefrom as a common fund with the intention to produce profits for them in proportion to their respective shares. What is the effect of such agreement on the existing co-ownership?

3. Luningning, creditor of Wowowin partnership, is entrusted by the partners to manage the business, and Luningning shall receive, in addition to her compensation, a share in the net profits of the business in settlement of her credit.
(a) Is Luningning entitled to receive payment where there are no profits?
(b) Shall she be liable to share any losses incurred by the partnership?
(c) Will your answer be the same in the preceding questions, if Luningning is an employee?

4. Dara entered into a contract with GD family entertainment whereby Dara was to receive 15% of gross earnings received by Thunder in all his contracts and engagements, as a compensation of managing Thunder. Is the relationship between Dara and GD family entertainment a partnership? If yes, why? If no, what is the possible relationship applicable to them?

5. Jabee owes partnership Foodie Co. Php 50, 185. Mccy, a partner, received a share of Php 30,000 ahead of Grwc and Andy, the two other partners. When Grwc and Andy were collecting from Jabee, the latter was already insolvent. Is Mccy required to share what he has received with Grwc and Andy?

6. Jennifer, Ben and Marc formed Ove Partnership Inc., whereby Jennifer contributed Php 500,000, Ben contributed Php 300,000, and Marc contributed Php 200,000.
(a) Assuming that the partnership makes a profit of Php 1,500,000, what is the share of each of the partners?
(b) If Oja joined the partnership as an industrial partner, what is his share?
(c) Will your answer be the same, if Oja aside from his services, contributed Php 100,000?
(d) Assuming, the partnership loss Php 300,000, is Oja, an industrial partner liable for the loss?

7. June and Jk entered into partnership under the name of 123 Bed and Beyond Company for the purpose of selling bedding sets and duvet cover. June agreed to furnish all the necessary financial backing and Jk was to receive Php 5,000 a week. Jk received Php 200,000 instituted action for an accounting of the partnership affairs. Is the money received by Jk considered compensation for his services or as partial distribution of profits?

8. Yi, Yu, Ya, Ye, Yo (all last names) is the firm name of a law partnership. Yu passed away. Yi, Ya, Ye, Yo, the surviving partners, filed a petition for authority to continue use of the firm name "Yi, Yu, Ya, Ye, Yo." May the partnership continue the use of the name of Yu?

9. Jon, Jen, and Jun are partners in a coffee business. Their contribution is Php 50,000 each. Jan is admitted as a new partner with a contribution of Php 300,000. At the time of his admission, the partnership has an outstanding obligation to BCO in the amount of Php 100,000.
(a) Is Jan liable to BCO for the Php 100,000 obligation?
(b) Assuming that the assets of the partnership amount to Php 250,000. Is Jan personally liable for the balance?

10. Kat, a limited partner, appeared as a general partner in the certificate. Can Kat raise the defense that he is merely a limited partner to escape personal liability to innocent third persons in case other partners are insolvent?